Economic and Game Theory
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The initial node, node (a) is labelled with Nina. This means that Nina makes her decision at that point of the game. Nina is making a choice about whether they should spend their holidays in London or New York. The nodes (b) and (c) are labelled Frederick. Frederick is making the choice whether they should visit the art museums or the historical sites of which either city they visit.
• If Nina chooses London and Frederick chooses museums, then each gets a payoff of 4.
• If Nina chooses London and Frederick chooses the historical sites, then Nina gets a negative payoff of minus 1 and Frederick gets a payoff of 5.
• If Nina chooses New York and Frederick chooses museums, then Nina gets a payoff of 5 and Frederick loses 1.
The answer to this simple game tree problem seems to me to be that Nina will choose 'NY' and Fred will choose 'History'.
My question is (first off if my above answer is correct?!) and then i was wondering whether there is an alternative way i should be playing this game.
"...In this game you are going to play both Nina and Frederick. You have to submit a strategy for each person. I will match your Nina strategy against each of your classmate's Frederick strategies. Similarly I will match your Frederick strategy against each of your classmate's Nina strategies.
Your grade for the game will be the average of your scores across all matches summed over the three calculations..."
Any advice on how i would best play Nina and Fred, knowing that this is how the game will be marked?